KBW Applauds 2023 Annual Bank Honor Roll Award Winners
April 24 2023 - 9:00AM
Keefe, Bruyette & Woods, Inc., a leading specialist investment
bank to the financial services and fintech sectors, and a wholly
owned subsidiary of Stifel Financial Corp. (NYSE: SF), is pleased
to name 14 U.S. banking institutions to its coveted 2023 Bank Honor
Roll.
The KBW Bank Honor Roll, which originated in
1984, represents an exclusive annual list of banking institutions
demonstrating a consistently strong track record of earnings growth
over the past decade. This year, 14 companies, just 4% of all banks
screened, qualified for inclusion on the 2023 KBW Bank Honor Roll.
This compares with 17 institutions who earned the distinction in
2022.
Eleven of the 14 2023 KBW Bank Honor Roll banks
are returning members, including: 1st Source Corporation (SRCE),
Associated Banc-Corp (ASB), Axos Financial, Inc. (AX), BancFirst
Corporation (BANF), First Financial Bankshares, Inc. (FFIN), Greene
County Bancorp, Inc. (GCBC), Lakeland Financial Corporation (LKFN),
Plumas Bancorp (PLBC), ServisFirst Bancshares, Inc. (SFBS), The
First of Long Island Corporation (FLIC) and Western Alliance
Bancorporation (WAL).
KBW is also pleased to welcome three new
additions to the KBW Bank Honor Roll: Columbia Banking System, Inc.
(COLB), First Bancorp (FBNC), and FVCBankcorp, Inc.
(FVCB).
“Congratulations to this select group of banks and management
teams for making the 2023 Honor Roll,” said KBW CEO Thomas B.
Michaud. “Their consistency is impressive and it is notable how the
market has rewarded their track record with better share
performance and a higher share valuation.”
KBW Honor Roll banks have demonstrated
consistent stock outperformance and have historically earned
premium valuations. Honor Roll members rose 4.1% compounded
annually for the five-year period ending in 2022, comparing
favorably to both the KBW Nasdaq Bank Index (BKX) and KBW Nasdaq
Regional Banking Index (KRX), which returned -1.1% and 0.6%,
respectively, over the same time period.
At year-end 2022, KBW Bank Honor Roll members
traded at 11.1x consensus 2023E EPS, a premium of 27% to BKX banks
and 14% to KRX banks. Similarly, at year-end 2022, KBW Bank Honor
Roll members traded at 1.8x book value, a 72% premium to BKX banks
and 50% premium to KRX banks.
Christopher McGratty, KBW Head of U.S Bank
Research, added, “KBW Honor Roll banks have set themselves apart
from their peers with an ability to deliver consistent growth
regardless of the operating environment. 2022 was a year of
positive fundamental momentum for the banking industry highlighted
by strengthening loan growth, net interest margin expansion, and
continued strong credit quality – which collectively drove positive
revisions to earnings estimates. We congratulate the 2023 KBW
Honor Roll banks.”
About the KBW Bank Honor
RollKBW Bank Honor Roll winners are publicly traded
institutions with more than $500 million in total assets that
consistently reported increases in earnings per share over the last
decade. To account for the impact of the adoption of current
expected credit loss (CECL) accounting on 2020 earnings, banks that
met the annual earnings per share growth requirements for all
years, save 2020, are eligible for inclusion if in 2020 they
reported an annual profit and annual pre-tax, pre-provision net
income per share growth.
About KBW KBW (Keefe, Bruyette
& Woods, Inc., operating in the U.S., and Stifel Nicolaus
Europe Limited, also trading as Keefe, Bruyette & Woods Europe,
operating in Europe) is a Stifel company. Over the years, KBW has
established itself as a leading independent authority in the
banking, insurance, brokerage, asset management, mortgage banking
and specialty finance sectors. Founded in 1962, the firm maintains
industry‐leading positions in the areas of research, corporate
finance, mergers and acquisitions as well as sales and trading in
equities securities of financial services companies.
Media Contact Neil Shapiro, (212)
271-3447shapiron@stifel.com
Stifel Financial (NYSE:SF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Stifel Financial (NYSE:SF)
Historical Stock Chart
From Apr 2023 to Apr 2024